Trump Narrows Federal Reserve Chair Search, Scott Bessent Out
President Trump is narrowing his Federal Reserve chair selection, ruling out Scott Bessent. He has criticized Jerome Powell and is considering four finalists.
Trump says he won't select Scott Bessent as next Fed chairman
Washington Examiner
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Overview
- President Trump is in the process of selecting a new Federal Reserve chair, actively narrowing down his choices for the significant economic position.
- Treasury Secretary Scott Bessent has been removed from consideration for the Fed chair role, as he prefers to remain in his current position.
- Trump has openly criticized current Fed chair Jerome Powell for what he perceives as slow progress on interest-rate reductions.
- The President has reportedly narrowed his selection to four finalists for the Federal Reserve chair, with an announcement expected soon.
- Trump will also appoint a new member to the Federal Reserve's Board of Governors, following Adriana Kugler's departure. Kevin Hassett and Kevin Warsh are under consideration.
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Analysis
Center-leaning sources frame the story around former President Trump's assertive influence over the Federal Reserve's future leadership. They emphasize his direct involvement in the selection process and his specific policy demands, such as lower interest rates. The narrative highlights the ongoing tension between Trump and current Fed Chair Jerome Powell, portraying Trump as actively steering monetary policy.
"Trump confirmed he is considering Kevin Warsh, a former member of the Federal Reserve Board of Governors, and Kevin Hassett, his director of the National Economic Council, for the role."
USA TODAY"Trump’s announcement seems to finally end mounting rumors that Bessent might slide into the Fed’s top job."
FortuneArticles (7)
FAQ
Scott Bessent was removed from consideration for the Federal Reserve chair because he preferred to remain in his current position as the U.S. Treasury Secretary and did not pursue the Fed chair role.
President Trump has criticized Jerome Powell for what he perceives as slow progress on reducing interest rates.
President Trump has reportedly narrowed his Federal Reserve chair selection to four finalists but has not publicly named all; however, Kevin Hassett and Kevin Warsh are under consideration for the Federal Reserve Board of Governors appointment following Adriana Kugler's departure.
Scott Bessent has a 40-year career in global finance, including roles as Chief Investment Officer at Soros Fund Management and founder of Key Square Capital Management. He is a currency and fixed income specialist and taught economic history at Yale University.
President Trump will appoint a new member to the Federal Reserve Board of Governors following Adriana Kugler's departure; Kevin Hassett and Kevin Warsh are among the candidates under consideration.
History
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